Key Highlights

● Software stocks put on a show alongside semiconductors.

● Trade Desk reported Revenue of $736 million versus $651.4 million expected.

● Cloudflare soared to close at $293.75.

● Qualys fell after hours despite a sales beat.

The headline act on Monday, November 9, 2026, was semiconductors, with the PHLX Semiconductor index soaring to 10,033.93 in its best day since July 30, according to news reports. But software stocks put on a show too, and part of the move as a rotation from semiconductors into software.

The broader market was firmly in risk-on mode. The S&P 500 jumped 173.08 points to 7,549.94, its best session since April 8, and the Nasdaq Composite surged 673.71 points to 25,253.14.

The Trade Desk steals the show

The Trade Desk (NASDAQ:TTD) was the most dramatic example. Shares soared during the regular session, trading at $15.18 in the afternoon, according to market coverage, which attributed the move to rotation from semis into software and lower energy costs. Market data pointed to news that co-founder and former technology chief Dave Pickles is returning to lead a new CTO council.

After the close, the ad-tech company reported third-quarter revenue of $736 million, well ahead of the $651.4 million consensus, and guided fourth-quarter revenue to about $755 million, above expectations. Shares jumped to $18.30 after the report. "Q3 represented meaningful progress, with results well ahead of our expectations entering the quarter," CEO Jeff Green said, according to market reports.

Security and cloud software climb

Cybersecurity names rallied. CrowdStrike (NASDAQ:CRWD) and Palo Alto Networks (NASDAQ:PANW) both climbed, according to market data headlines, moving with the sector. Cloudflare (NYSE:NET) soared to close at $293.75, extending gains after strong quarterly results and a price-target increase to $337.

Qualys (NASDAQ:QLYS) rose during the session after expanding its Risk Operations Center alliance, though the shares fell after hours despite a third-quarter sales beat.

Palantir Technologies (NASDAQ:PLTR) bounced back from a post-earnings sell-off, and Oracle (NYSE:ORCL) climbed in what was called a technical rebound after heavy selling. Microsoft (NASDAQ:MSFT) rose to $545.18, according to a ticker, with no company-specific news found.

Not every software name joined in

Monday.com (NASDAQ:MNDY) was a notable exception. The work-management platform slid after its fourth-quarter revenue guidance of $380 million to $382 million came in below consensus, even though third-quarter revenue of $377.5 million beat, according to news reports. The company cautioned that its shift to an "AI-first" model brought near-term operational headwinds.

Why rotation now

Software had been caught up in the broader tech rout the prior week. Software companies build and sell applications that use AI rather than the chips behind it, so their fortunes do not track data-center spending as directly. A Cboe strategist said, according to market coverage, that "the pain has been largely concentrated in the Tech sector," a reminder of how hard the category had been hit.

Rates also matter for high-multiple software stocks. The 10-year Treasury Yield held near 4.87, according to market reports, well below its October peak above 5.30.

Software also had help from the macro backdrop. Brent Crude tumbled to $92.57 on hopes of a US-Iran peace deal, which eased Inflation worries and helped Growth Stocks broadly.

Rotation Durability Under Review

Tuesday's October consumer price report could shift rate expectations ahead of the Fed's December 8-9 meeting, where traders see a hike as likely, per CME FedWatch data. In tech, watch Cisco's results this week and the reaction to The Trade Desk's upbeat guidance. Nvidia's November 17 report will show whether money keeps flowing between chips and software.